Pullback, Big Tech, and Oil
Expected some consolidation/pullback in big tech and that is what we got. Thought there was a chance some of these other growth names could get some rotational money but that is not what happened. Many were double inside and triggered down and I took the positions I was in (to reference…IOT PATH GLBE etc). They remain above their 50SMAs so could be okay but avoiding them again. Do not want to be in higher flyers if market still uncertain and 10/20EMAs not holding. They aren’t ready for my style yet.
QQQ-Pulling back to the 10 day moving average and finding support. Further consolidation wouldn’t be a bad thing.
SPY-Pulling back on light volume. This 4100 level on SPX Cash is a huge spot so natural to need some basing/consolidation to try to take it out.
AAPL-Bouncing on the 10 day. This was a really good long setup intra-day as it was very stretched into support with big volume on the lows at 1230. With the unfilled gap overhead and where it is on the weekly it wouldn’t surprise me if had more chop/consolidation.
MSFT Weekly-Consolidation in this general area would not be a surprise. Continues to act well. Have an alert on the 10 day. Also like the gaps around 20EMA so setting alerts there too.
NVDA- Held this gap fill and had a nice close. With how extended it is on the weekly prefer to get support off the 20EMA for swing. 260/261 area if had a setup there.
TSLA-No surprise given the relative weakness that we lost the 50SMA. We closed right on support/last weeks low but think the structural integrity is compromised.
TSLA 195MIN-Closed right on the near term higher low but lost the trendline/50SMA (and a bunch of key AVWAPs-specifically the one from earnings….they’re in 189/190 area). If we were to resist at the moving averages and those AVWAPs on a rally will watch it short. There is one more AVWAP from the lows at 177.80 to be aware of.
NFLX-Continues to support on the moving averages. As long as above 334/50SMA/10EMA area think benefit of the doubt to long side.
GOOG-Developing cup n handle pattern. Some more handle would be best. A spot I have an alert at is 102/200SMA/20EMA if were to test that.
MAXN-Continues to hold this 26.60 break and setup a move on the weekly despite the other solars trading weak. 10 day now rising above the breakout. Another day or two of basing and will look good to take the 29 area.
LNTH-Continues to trade clean and may breakout here. Keep in mind it is a little extended on the weekly. ISRG SWAV and some others in medical space act well too.
XOM-Looks really good. Slower than many of the others but its sort of like AAPL…if going higher will pull the others with it.
COP-Post gap up flaggy patter around 50/200SMA. Double inside.
HES-Post gappy flag pattern. Inside day.
